Greenwich billionaire Steve Cohen’s $2.6 billion acquisition of the New York Mets, described earlier this week as “on life support,” is outta here.
The team issued a statement last night confirming that the deal with Cohen, the president and CEO of Stamford’s Point72 Asset Management, was not going forward.
“Despite the efforts of the parties over the past several months, it became apparent that the transaction as contemplated would have been too difficult to execute,” the team said.
Under the original scenario, revealed in December, longtime Mets owner Fred Wilpon would have remained in control of the team as CEO for five years, while his son Jeff would continue as COO for the same period. The Wilpons would then cede day-to-day operations of the team to Cohen.
But according to a New York Post article published earlier this week, “sources familiar with the talks said the Wilpons pushed late to maintain some control of the franchise beyond the five-year window.”
ESPN is reporting that Major League Baseball Commissioner Rob Manfred said that “the assertion that the transaction fell apart because of something the Wilpons did is completely and utterly unfair.”
Cohen bought an 8% limited partnership stake in the team in 2012 for $40 million. The now-dead deal would have seen him acquire an 80% controlling share in a transaction that values the team at $2.6 billion.
“I’m very disappointed we couldn’t work out a deal, but as an 8% holder I’m looking forward to a higher bid for the team,” Cohen said in a statement. “I gave it my best shot.”
The Mets said they have appointed New York investment bank Allen & Co. to manage the sale going forward.